Nike Faces Class-Action Lawsuit Over Collapse of RTFKT NFT Venture

Nike has been dragged into a legal battle as disgruntled NFT investors file a class-action lawsuit in Brooklyn. The plaintiffs allege the sportswear giant misled them by overhyping its RTFKT NFT platform before abruptly shutting it down, leaving holders with significant losses. Claims include false advertising and the sale of unregistered securities.

The case reignites scrutiny on the NFT market, which has seen its reputation shift from digital property innovation to speculative excess. Once touted as the future of digital ownership, NFTs now face skepticism as legal challenges expose potential regulatory gaps.

This lawsuit could set important precedents for how corporations navigate Web3 ventures and their obligations to digital asset investors. The outcome may influence whether major brands continue experimenting with tokenized assets or retreat from the space altogether.